CMBS

  • Commercial loan business acquired

    Capita has acquired the securitised commercial loan business of Barclays Capital Mortgage Servicing, which provides primary and special loan servicing for commercial real estate finance transactions. On completion, the business will be integrated into the existing Capita Asset Services business.

    Robert Hughes, md of Capita Asset Services, comments: "The acquisition is a natural fit for Capita Asset Services, fully complementing .......

    Job Swaps 24 February 2011

  • CRE joint venture formed

    Jefferies Group, the Government of Singapore Investment Corporation (GIC) and LoanCore have formed Jefferies LoanCore, a new joint venture CRE finance company.

    Jefferies LoanCore - led by Mark Finerman as ceo - has US$600m in initial equity commitments that will be leveraged appropriately. The new group will originate CRE debt through a team led by Finerman and with the support .......

    Job Swaps 24 February 2011

  • Advisory beefs up hedge fund team

    The Collingwood Group has promoted Mary Lou Christy from svp to md of the organisation. Christy will launch a new investor relations practice, while providing support to its growing hedge fund/private equity advisory business. Prior to joining Collingwood in 2010 (see SCI 29 September), Christy held several executive-level positions at Fannie Mae, including svp of investor relations, vp of the .......

    Job Swaps 24 February 2011

  • Euro CMBS loan losses filtering through

    Fitch reports that the increased number of loan workouts that commenced in 2010 is beginning to result in loss allocations to some European CMBS transactions. Four loans securitised in Fitch-rated transactions had a loss allocation during Q4, bringing the total for 2010 to six loans. No losses were realised in the previous year, the agency says.

    Loan defaults and transfers .......

    News Round-up 24 February 2011

  • Euro CRE recovery limited to prime sector

    Signs of recovery in the European commercial real estate market are being reported, but only in for prime properties, according to S&P. Given that the European CMBS universe is secured mainly by secondary assets, the agency therefore believes that loan maturity performance will remain under pressure in 2011.

    Reports of asset sales over the past 12 months indicate that the .......

    News Round-up 23 February 2011

  • US CRE prices dip slightly

    After three consecutive months of increases, US commercial real estate prices declined by 0.9% in December, according to Moody's/REAL National - All Property Price Index (CPPI). Although overall 2010 prices fell by 2.1%, the index has recovered by 5.5% since reaching its low in August 2010. Prices at the end of December stood at 42.1% below the October 2007 peak, .......

    News Round-up 23 February 2011

  • CMBS restructured on REIT conversion

    The Imser Securitisation 2, an Italian single-loan CMBS backed by 197 specialised telecom properties, has been restructured upon an application by the borrower and its majority shareholder for the special tax regime existing for REITs in Italy. This follows changes to corporate taxation in the country, under which an additional tax exposure has arisen for the borrower - Imser 60 .......

    News Round-up 22 February 2011

  • Decrease seen in delinquent unpaid balance

    The US CMBS delinquent unpaid balance decreased slightly last month by US$229.8m - down to US$62.09bn - from the previous month, according to Realpoint's latest Monthly Delinquency Report. This 0.4% decrease follows increases of US$1.21bn and US$1.93bn respectively in December and November.

    This is only the second time in the past 12 months that the delinquent unpaid balance decreased, following .......

    News Round-up 18 February 2011

  • US CMBS loss severities moderating?

    The current historical weighted average loss severity for loans backing US CMBS that are liquidated at a loss increased in the last quarter of 2010, albeit at a slower rate than the prior quarter, says Moody's.

    The average loss severity stood at 39.6% in December, up from 38.4% in September and 35.4% in June of 2010. Excluding loans with de .......

    News Round-up 18 February 2011

  • CRE firm adds svp

    Broad Street has appointed Tim McCann as svp of its acquisitions and capital markets group. In this role, he will work closely with Broad Street principals Tom Yockey, Mike Jacoby and Jeff Kelly on sourcing new acquisitions and building the firm's debt and equity relationships. Prior to joining Broad Street, McCann held both credit and underwriting positions with several leading .......

    Job Swaps 17 February 2011

  • Timely recovery for lodging loans

    With almost US$10bn in lodging loan collateral scheduled to mature this year and another US$8.5bn due in 2012, a recovery in the sector is arriving at an opportune time, S&P says. While the early stages of recovery in the lodging sector first took hold in the higher-priced segments last year, the rebound is spilling over to the midscale and economy .......

    News Round-up 17 February 2011

  • US CMBS delinquencies increasing

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 22bp in January to 9.01%, according to Moody's Delinquency Tracker (DQT). January marks the first time the delinquency rate has been above 9% and the seventh straight month the rate has increased by less than 25bp. The total number of delinquent loans fell during the month, the .......

    News Round-up 15 February 2011

  • Mortgage servicing revisited

    CRE special servicer-style model touted for RMBS

    The FHFA's initiative to restructure the GSE mortgage servicing model (see SCI 19 January) has re-energised debate on servicer compensation. While there is agreement that the current system has many shortcomings, some believe that the proposed changes don't go far enough.

    Ron D'Vari, ceo of NewOak Capital, says the issue at stake is how to incentivise servicers to do a .......

    News Analysis 15 February 2011

  • CRE firm forms advisory

    Grubb & Ellis Company has formed Daymark Realty Advisors, a wholly owned and separately managed subsidiary. The new group will be based in Santa Ana, with regional offices in Atlanta, Chicago, Dallas, Phoenix and Richmond, Virginia.

    Daymark will be responsible for the management of Grubb & Ellis' entire tenant-in-common portfolio and will provide specialised management services to the owners of the .......

    Job Swaps 14 February 2011

  • Distressed CRE servicing team formed

    Hilco Real Estate has formed Hilco Real Estate Managed Asset Resolutions (HREMAR). The new operating unit will provide specialised, turnkey loan servicing to lenders and other real estate investing entities on their most deeply-distressed loans and REO assets.

    HREMAR will service distressed assets, from single parcels of raw land to the largest commercial and residential projects, including a broad array .......

    Job Swaps 11 February 2011

  • CRE exec hired

    Neil Bane has joined Johnson Capital as principal and head of its equity desk. Based in the firm's New York office, he is also a partner in the global hospitality investment banking group and loan sale advisory/workout team.

    Bane was previously a director at Carlton Group, responsible for the origination and placement of over US$6bn in debt, equity and loan .......

    Job Swaps 11 February 2011

  • CRE md recruited

    Berkadia Commercial Mortgage has appointed Hugh Hall as md in its capital markets group. Hall will focus on developing and managing loan programmes to offer the firm's clients greater access to the increasing level of available capital. Based in New York, he will report to Berkadia svp Joe Franzetti.

    Hall was most recently a consultant to Loan Core Capital. Prior .......

    Job Swaps 10 February 2011

  • Real estate division head hired

    JPMorgan Asset Management has hired John Fraser as md and head of its new US opportunistic real estate investment division, Junius Real Estate Partners. Based in New York, Fraser will report to Joe Azelby, head of JPMorgan Asset Management − Global Real Assets.

    The new business will manage assets separately from the bank's existing real estate asset management business. "We .......

    Job Swaps 8 February 2011

  • CRE underwriting solution offered

    Zenta and Rockport have formed a partnership to deliver a combined technology and services offering to the CMBS, commercial banking and CRE markets. The initiative will enable the firms to provide clients with a single turn-key underwriting solution, integrating cutting-edge technology and services.

    "Rockport provides a true enterprise level platform for each facet of the loan origination lifecycle, as well .......

    Job Swaps 7 February 2011

  • CMBS loan liquidation volume spikes

    The dollar amount of US fixed rate conduit CMBS loans that were liquidated in January reached its highest level in the 13 months since Trepp has been compiling this number. In total, 189 loans with a total balance of US$1.51bn were liquidated during the month, according to the firm.

    The losses on those loans were almost US$583m - representing an .......

    News Round-up 7 February 2011

  • Accelerated collections likely for Japan hotel loans

    Japanese hotel-backed CMBS loans are poised to enter an accelerated collection phase, according to Moody's. Five loans amounting to ¥59.5bn defaulted in January, two of which (amounting to ¥49.1bn) were backed by hotels, with the largest of the five being one of the ten largest loans maturing in 2011. As a result, the default rate of hotel-backed loans has increased .......

    News Round-up 7 February 2011
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